Is there any private individuals who will hold mortgage for someone who has 5% down on property? The person has good credit but the property requires

Asked by Debsaul, Vineland, NJ Mon Jul 5, 2010

a bigger down payment. Property cannot be FHA funded.

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8
Eileen Lobel, , Vineland, NJ
Fri Sep 24, 2010
Hi Debsaul,

I would be more then happy to help you but would need more information then you have included. Please feel free to give me a call on my cell at: 856-776-3264 its local # for vineland.

Im located in Vineland,NJ too n have lived in the area for many years. Im a realtor associate with
Maturo Realty & you may find me on the web at: http://www.Maturo Realty.com/eileen_lobel

Have a great day

Eileen Lobel
http://www.maturorealty.com/eileen_lobel
856-776-3264
0 votes
James Folise, Agent, Jersey City, NJ
Mon Jul 5, 2010
If you qualify for a FHA loan you will only have to do 3.5% down. There are private lending companies, you should ask your agent to help you find one.
0 votes
Jeff Belonger, , Cherry Hill, NJ
Mon Jul 5, 2010
Debsaul,

I want to go back and go over what you had stated. You said this... "double/single family home". And then you said the property is a "2 unit dwelling."

So, is the property 1 building with 2 units in it, each unit owned by 2 seperate people? Like a twin, but 2 condo units side by side? I ask this because Fred Glick below seems to be assuming. A few things here... he said that 2 unit condos are nearly impossible if the one unit is occupied. This is not true at all. I just did one in North jersey. Fred Glick is a broker and we are a banker, that we underwrite our loans in-house. Secondly, Fred Glick is not FHA approved, we are and underwrite these loans in-house also.

Overall, this property needs to be better defined first. Also, everyone involved needs to know if you fit the condo guidelines, which Fred did not specify. Even if you found someone to do a 80/15. You will need by laws, the condo insurance with a condo questionaire filled out, and a few other items. And even if the buyer would do a USDA loan, the USDA or state will require that the condo either be FHA approved, Fannie Mae approved, or Fredie approved. This will be required and I know about this. Do you have a copy of any of the documents mentioned above? This is very essential before moving forward. Again, it was not brought up by the other person. Please don't hesitate to call me or e-mail me. thanks, jeff
0 votes
Fred Glick, Agent, Mountain View, CA
Mon Jul 5, 2010
So, it's a 2 unit condo. They are next to impossible if the other is one is occupied.

Yes, you are in a bind and probably have no alternative but to find a lender for the buyer who will do an 80% loan who would allow you to take a 15% second.

Have your real estate agent contact me and let me see what I can do.

Fred Glick
215-852-4469
Web Reference:  http://usloans.com
0 votes
Debsaul, Home Seller, Vineland, NJ
Mon Jul 5, 2010
I forgot to add that this unit is only a 2 unit dwelling. There are only single family homes around this area.
0 votes
Debsaul, Home Seller, Vineland, NJ
Mon Jul 5, 2010
In reference to both answers, I have a condo....which in Cherry Hill it would be considered a double/single family home. The town designated this property 20 years ago a condo. They will not reclassify this property. Due to the fact that this is a "condo" with a condo doc and is warrantable FHA will not give a loan because 50% of the property is rented. So at this point it has been a trying task to find a mrtg for her. Hud is being pursued for the property and she is also eligible for and Urban Loan with the state of NJ. But due to the fact that it is rented it is on the otherside this issue is still going on. I cannot hold the loan because I am need the funds to make settlement on my home in Florida.....Any suggestions
0 votes
Jeff Belonger, , Cherry Hill, NJ
Mon Jul 5, 2010
Home seller...

Question, why do you think the property requires a larger down payment? And why do you think it can't go FHA. I am only asking because I have seen buyers and sellers get misleading facts and answers from both realtors and other loan officers, even if they read it online. If you can tell me the specifics, I can maybe answer those questions or give you facts.

Thanks,
jeff

Area Manager - Infinity Home Mortgage
cell : 609-440-5133
e-mail : jbelonger@ihmci.com
0 votes
Fred Glick, Agent, Mountain View, CA
Mon Jul 5, 2010
I am a little confused.

How can a property require the down payment. Only the lender can decide.

Can you give me more details?
Web Reference:  http://fglick.com
0 votes
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